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If you buy MercadoLibre to beat the market, you're hoping that the company can achieve better than 30% revenue growth annually over the next 10 years. To my eye, that means betting people living below the poverty line today become active Internet consumers, or that MercadoLibre is able to expand outside of the Latin American market. Neither scenario seems probable.[more]

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If you've read this blog before, then you know I am sympathetic to the idea that China is not a monolith and that it is important to draw distinctions between tier 1 and tier 2, 3, and so on cities in China. I even went so far as to draw this distinction related to Chinese real estate in an article last April titled Why Chanos is Wrong About China. The gist of that article is that while real estate prices are out of control in tier 1 cities such as Beijing and Shanghai, prices were much more reasonable in tier 2 cities such as Xian. So, I'm sympathetic to that viewpoint (though not by any means a bull on Chinese real estate). [more]